STUDENT FINANCING

Student Loans & Credit

Compare education financing options for tuition, books, living costs, and repayment after school.

Whatever your reason for borrowing, RateBuddy will help guide you to loan options that fit.
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RateBuddy student loan insight
RateBuddy student loan insight

Compare student financing before borrowing for school

Student financing can include loans, lines of credit, interest-only periods, co-signer requirements, and repayment rules after graduation. Compare the cost and flexibility before choosing an option.

Use the filters below to narrow student loan matches by amount, credit profile, income range, lender, and must-have features.

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Student Financing Options

Compare student loans and student lines of credit by repayment flexibility, eligibility, co-signer requirements, and borrowing cost.

Get immediate pre-qualification and an estimated rate with no impact to your credit score.
sponsored
goPeer Student Loan
RateBuddy
Trustpilot
Est. APR
8.99% - 34.99%
Amount
$1k - $35k
Terms
Interest-Only (While in School)
then 60 Mo Repayment
Credit Fit
Fair (600+)
No Collateral Required
Online Application
Flexible Repayment Options
No Early Repayment Penalty
Weekly/Bi-weekly Payments
Lump-Sum Prepayments Allowed
Online Account Management
Soft Credit Check for Pre-approval
Min Income: $35k/yr
Funding Time: 5 Days
Borrow from real Canadians, not big banks — with a quick online pre-qualification that won’t impact your credit score.
No impact to your credit score
Rates, Fees & Terms
Rate Type Fixed
APR Range 8.99% - 34.99%
Loan Amounts $1,000 - $35,000
Available Terms 36 to 60 months
Application Fee Varies
Origination Fee Varies
Admin/Flat Fee Varies
Funding Time 5 Days
Eligibility Requirements
Minimum Income $35,000/yr
Credit Score Required 600
Minimum Age 18 years old
Residency Status Foreign Worker (Work Permit)
Included Features
No Collateral Required Fast Approval Online Application Flexible Repayment Options No Early Repayment Penalty Weekly/Bi-weekly Payments Lump-Sum Prepayments Allowed Online Account Management Soft Credit Check for Pre-approval Skip the branch visits
Highlights & Pros
  • Check your rate without affecting your credit score. Pre-qualify with a soft credit check to view your estimated rate and eligibility before deciding whether to complete a full application.
  • Competitive peer-to-peer lending model. goPeer connects eligible borrowers with Canadian investors, offering a modern alternative to traditional bank and high-cost lending options.
  • No collateral required. Borrow from $1,000 to $35,000 through an unsecured personal loan without pledging your home, vehicle, or other assets.
  • No penalty for paying early. Make additional payments or repay the entire loan early without prepayment fees, giving you more control over interest costs.
  • Clear, fully online experience. Apply online, review your personalized offer and see the applicable rate and fees before accepting the loan.
Things to Consider
  • An origination fee applies. The one-time origination fee is included in the disclosed APR and deducted from the loan proceeds, so the amount deposited will be lower than the approved loan amount.
  • Eligibility standards may be stricter. Approval depends on factors such as credit history, income, existing debt and overall ability to repay, making goPeer better suited to borrowers with established credit.
  • Only two repayment terms are available. Loans currently come with either a three-year or five-year term, which provides less term flexibility than some lenders.

Representative Example: For example, the average borrowing cost paid on a $10,000 unsecured personal loan at an APR of 19.99%, with a 3-year term and weekly payments of $85.36 is $3,301.20.

Legal Disclaimer: Legal Disclaimer: *goPeer offers unsecured personal loans in Canada from $1,000 to $35,000, with 3- or 5-year terms and APRs ranging from 8.99% to 34.99%. Your actual rate, loan amount, and eligibility depend on your credit profile, income, debt-to-income ratio, province, and goPeer’s underwriting criteria. Minimum requirements include being 18+, a Canadian resident, having a Canadian bank account, a 600+ credit score, annual income of at least $35,000, debt-to-income ratio below 35%, no bankruptcy within the past 12 months, and at least 3 credit trades. Pre-qualification does not impact your credit score, but applying does not guarantee approval or funding. Fees may apply, including an origination fee included in the APR and applicable missed or unsuccessful payment fees. Once approved and accepted, loans are listed for investor funding, and funds are typically advanced within 1–4 business days after funding. Conditions apply.

CIBC Education Line of Credit
Est. APR
Varies
Amount
From $5k
Terms
Interest-Only (While in School)
Credit Fit
All Credit Types
Online Application
Flexible Repayment Options
Mobile App Available
Online Account Management
Free SPC+ membership for up to 30% off 450+ brands.
No impact to your credit score
Welcome Offer

Free SPC+ membership for up to 30% off 450+ brands.

Rates, Fees & Terms
Rate Type Variable
APR Range Varies
Loan Amounts $5,000 - No Limit
Available Terms N/A to N/A months
Application Fee Varies
Origination Fee Varies
Admin/Flat Fee Varies
Funding Time Varies
Eligibility Requirements
Minimum Income No strict minimum
Credit Score Required No Minimum
Minimum Age Age of majority
Residency Status Varies by lender
Included Features
Online Application Flexible Repayment Options Mobile App Available Online Account Management
Highlights & Pros
  • Includes a free SPC+ membership, providing significant lifestyle savings with up to 30% off at over 450 brands.
  • Revolving open-ended term allows you to access funds repeatedly throughout your degree without reapplying.
  • Industry-recognized mobile banking app makes managing your credit line easy on the go.
Things to Consider
  • Variable interest rate based on CIBC Prime means borrowing costs can increase unexpectedly.
BMO Student Line of Credit
Est. APR
Varies
Amount
Up to $80k
Terms
Interest-Only (While in School)
Credit Fit
All Credit Types
Interest-Only Payments Available
Welcome bonus up to $200. Earn a $200 cash bonus when you open a BMO Student Line of Credit.
No impact to your credit score
Welcome Offer

Earn a welcome bonus of up to $200. Earn a $200 cash bonus when you open a BMO Student Line of Credit.

Rates, Fees & Terms
Rate Type Variable
APR Range Varies
Loan Amounts $0 - $80,000
Available Terms N/A to N/A months
Application Fee Varies
Origination Fee Varies
Admin/Flat Fee Varies
Funding Time Varies
Eligibility Requirements
Minimum Income No strict minimum
Credit Score Required No Minimum
Minimum Age Age of majority
Residency Status Canadian Citizens or Permanent Residents
Included Features
Mobile App Available Interest-Only Payments Available
Highlights & Pros
  • Make interest-only payments while in school and for two years after graduation.
  • No annual or monthly account fees.
  • Only pay interest on the exact amount you withdraw.
Things to Consider
  • Requires Canadian citizenship or permanent residency.
  • A co-signer may be required for approval depending on your credit history.
Apply in as little as 60 seconds. Funds as early as the same day
featured
Loan Marketplace
Est. APR
8.99% - 35.00%
Amount
$500 - $60k
Terms
Interest-Only (While in School)
then 120 Mo Repayment
Credit Fit
All Credit Types
Online Application
Flexible Repayment Options
Bad Credit Considered
Instant Loan Matching
No Impact on Your Credit to See Offers
Funds As Soon As the Same Day
Funding Time: As soon as the same day
Search a Network of Canadian Lenders in Seconds to Find Your Best Loan Rates
Completing the application will not affect the consumer's credit score. Options available to every applicant - alternative lenders, debt management, credit counselling services, and more
Apply in as little as 60 seconds. Funds as early as the same day
No impact to your credit score
Search a Network of Canadian Lenders in Seconds to Find Your Best Loan Rates
Rates, Fees & Terms
Rate Type Fixed
APR Range 8.99% - 35.00%
Loan Amounts $500 - $60,000
Available Terms 3 to 120 months
Application Fee No application fee
Origination Fee Varies
Admin/Flat Fee Varies
Funding Time As soon as the same day
Eligibility Requirements
Minimum Income No strict minimum
Credit Score Required No Minimum
Minimum Age 18 years old
Residency Status Canadian Citizens or Permanent Residents
Applicants earning less than $1,000 per month may be unlikely to receive loan offers, although alternative offers may still be available.
Included Features
Online Application Flexible Repayment Options Bad Credit Considered Instant Loan Matching No Impact on Your Credit to See Offers Funds As Soon As the Same Day
Highlights & Pros
  • One streamlined application: LoanConnect helps borrowers explore personalized options from a network of Canadian lenders without completing separate applications for each lender.
  • Options across different credit profiles: The marketplace works with borrowers across a broad range of credit situations, making it a practical starting point for Canadians who may not know which lender fits their circumstances.
  • No impact on credit to check options: Borrowers can submit the initial LoanConnect application and explore potential offers without affecting their credit score.
  • Broad loan amounts and terms: Available personal loans range from $500 to $60,000, with repayment terms from 3 to 120 months, providing flexibility for different borrowing needs.
  • Fast matching experience: Potential offers may be presented in as little as 60 seconds, and approved funding may be available as soon as the same day.
  • Free marketplace service: LoanConnect does not charge applicants an application fee, making it convenient to explore availab
Things to Consider
  • LoanConnect is a marketplace, not the lender: Final approval, loan agreements, fees and funding are handled by the participating lender selected by the applicant.
  • The lowest rate is not available to everyone: Personal-loan APRs currently range from 8.99% to 35%. The rate offered depends on factors such as the applicant’s credit profile, financial circumstances and province.
  • Lender fees may vary: Some participating lenders may charge origination, administration or other applicable fees. Applicants should carefully review the complete loan agreement before accepting an offer.
  • Offers and funding are not guaranteed: Matching can be fast, but approval, the number of available offers and funding time depend on lender criteria and applicant eligibility.
  • Additional lender assessment may be required: Although checking options through LoanConnect does not affect the applicant’s credit score, a selected lender may conduct its own credit and identity assessment before providing final approval.

Legal Disclaimer: Loan details and eligibility: Loan amounts range from $500 to $60,000, with available terms from 3 to 120 months and annual percentage rates (APRs) ranging from 8.99% to 35%. LoanConnect is free to use and does not charge an application fee. Origination fees, if applicable, vary by lender, and applicants should carefully review all loan agreements before accepting an offer. Approved funds may be available as soon as the same day; however, funding times are not guaranteed and may vary by lender and applicant circumstances. Applicants must be Canadian citizens or permanent residents. Applicants earning less than $1,000 per month may be unlikely to receive a loan offer, although alternative offers may still be available. Approval, rates, terms, fees, and funding depend on the participating lender and the applicant’s eligibility.

BMO Medical or Dental Student Line of Credit
Est. APR
Varies
Amount
Up to $350k
Terms
Interest-Only (While in School)
Credit Fit
All Credit Types
Interest-Only Payments Available
Welcome bonus up to $500. Earn a $500 cash bonus when you open a BMO Medical or Dental Student Line of Credit.
No impact to your credit score
Welcome Offer

Earn a welcome bonus of up to $500. Earn a $500 cash bonus when you open a BMO Medical or Dental Student Line of Credit.

Rates, Fees & Terms
Rate Type Variable
APR Range Varies
Loan Amounts $0 - $350,000
Available Terms N/A to N/A months
Application Fee Varies
Origination Fee Varies
Admin/Flat Fee Varies
Funding Time Varies
Eligibility Requirements
Minimum Income No strict minimum
Credit Score Required No Minimum
Minimum Age Age of majority
Residency Status Canadian Citizens or Permanent Residents
Included Features
Mobile App Available Interest-Only Payments Available
Highlights & Pros
  • Massive credit limits up to $350,000 to cover extensive medical/dental school costs.
  • Exceptional "sub-prime" interest rate of Prime minus 0.25% while in school.
  • Interest-only payments while studying and during your initial post-grad period.
Things to Consider
  • Strictly limited to students enrolled in recognized medical or dental programs.

Plan Your Repayment

After graduation, your student line of credit converts to a standard personal loan. Understanding your future monthly payment is the key to a healthy financial start.

  • See your "Interest-Only" payments while studying
  • Estimate your standard monthly payment after the grace period
  • Discover the total interest cost over the life of your loan
1. Your Loan Details
$
%
Post-Grad Monthly Payment
$0
While in school: $0 /mo (Interest-Only)
Total Loan Amount
$0
Repayment Period
0 Years
Total Interest Cost
+$0
Total Cost of Loan
$0
Fund Your Future Today

Secure your student line of credit now to cover tuition, books, and living expenses with low interest-only payments while you study.

Compare Student Lenders
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Student Funding Guide

Student borrowing in Canada, explained simply

Students in Canada usually look at two main borrowing paths: government student loans and bank student lines of credit. They are not the same product, and the repayment rules can feel very different after school.

This page is designed to help you compare student-focused borrowing options more clearly, especially if you want to understand how private student lines of credit fit beside government student aid.

What matters most

  • How much you truly need to borrow
  • Whether the repayment structure fits student life
  • What happens during school and after graduation
  • Whether grants or government aid should come first
Two Main Paths

Government student loan or student line of credit?

These two borrowing paths are often compared, but they work differently enough that students should understand the trade-offs before deciding.

Feature Government Student Loan Student Line of Credit
How funds work Set student-loan funding structure Revolving credit up to an approved limit
During school Different repayment rules from private credit Usually at least interest payments while studying
After school 6-month non-repayment period Often interest-only for a limited grace period, then principal plus interest
Extra support Repayment Assistance Plan may be available No RAP for private line-of-credit borrowing
A good rule is to understand both paths before borrowing. One product may offer flexibility, but another may offer more borrower protection after graduation.
How It Works

How a student line of credit usually works

A student line of credit is a revolving credit product. You do not automatically use the full limit. You usually borrow only what you need and pay interest only on the amount you actually use.

You’re approved up to a limit

The amount can depend on your program, school, living costs, credit background, and expected ability to repay later.

You borrow only what you use

Interest usually applies only to the portion actually borrowed, not the full approved limit.

You need a post-school repayment plan

Many lenders allow a limited interest-only period after graduation, but that does not remove the need for a real payoff strategy.

Best mindset: use a student line of credit for genuine education-related needs and keep the balance as lean as you reasonably can.
Lifecycle Guide

How a student line of credit usually unfolds

A student line of credit often feels simple at first, but it usually moves through two very different phases: your school years and your post-graduation repayment period.

Phase 1

While you are in school

During school, you may be approved for access up to a borrowing limit and draw only what you need. In many cases, the required payment while studying is lighter than a normal loan structure and may focus mainly on interest.

Main idea: this stage is about flexible access to funds, not full repayment yet.
Phase 2

After graduation or after studies end

After school, many student lines of credit move into a more serious repayment phase. There is often a limited transition window, then the focus shifts to paying both principal and interest over time.

Main idea: this is where the real long-term repayment plan begins.
Simple takeaway: a student line of credit can feel manageable during school, but the bigger financial test usually comes after classes end and full repayment begins.
Co-Signer & Cost Basics

What students and families should pay attention to

Many students may need a co-signer for a student line of credit. That means another person can be responsible for the debt too, so the decision should be discussed clearly before anyone signs.

Co-signer reality

  • A co-signer can be required for some applications
  • The co-signer also takes on repayment responsibility
  • Everyone should understand the risk before agreeing
  • It should be treated like a real financial commitment, not a formality

What to compare carefully

  • Interest rate and how it behaves
  • Repayment terms during school and after graduation
  • Any optional insurance or add-on products
  • How much total debt you may carry when studies finish
Smart question: if a parent or co-signer is helping, does everyone understand both the best-case plan and the fallback plan if repayment becomes harder later?
Family Discussion Point

A co-signer is not just a reference

If a student line of credit requires a co-signer, that person is usually taking on real legal and financial responsibility for the debt. This is not just a formality or a supporting name on the application.

Before signing anything, the student and co-signer should talk through the borrowing amount, expected graduation timeline, repayment plan, and what happens if income is delayed or the repayment period becomes harder than expected.

What should be discussed clearly

  • How much borrowing is truly needed
  • Who is expected to repay and how
  • What the plan is after graduation
  • How both sides will handle repayment stress if it happens

Why this matters

  • The co-signer can still be responsible if the student cannot pay
  • Debt can affect family relationships if expectations were unclear
  • Borrowing more than necessary increases pressure later
  • Good communication early can prevent bigger problems later
Borrow Smarter

What to try before borrowing more than you need

Borrowing may be necessary, but it should not automatically be the first or only option. A smarter plan often starts by checking lower-cost funding sources first and borrowing only what is still genuinely needed.

Check grants and scholarships first

Grants, bursaries, scholarships, and provincial aid can reduce how much debt you need to carry later.

Know the support differences

Government student loans may come with repayment support tools that private student lines of credit do not offer.

Borrow lean

Borrowing only what you need for school costs can make graduation and repayment much less stressful later.

Good long-term move: think about repayment while you are still choosing the borrowing product, not only after school ends.
Popular Questions

Student borrowing FAQs

Clear answers to common questions students ask when comparing student loans and student lines of credit in Canada.

A student line of credit is a revolving borrowing product, while a student loan follows a different student-loan funding and repayment structure.

Usually no. You generally pay interest only on the amount you actually borrow, not the full approved limit.

Yes. Some students may need a co-signer, and that person can also become responsible for the debt if it is not repaid.

Government student loans and private student lines of credit usually have different repayment rules after school, so the transition terms should be checked carefully before borrowing.

Yes. Government student loans may offer access to the Repayment Assistance Plan if you are having trouble with payments.

Yes. Grants, bursaries, scholarships, and provincial aid can reduce how much debt you need to take on.

Compare student financing with less guesswork.

Review student loans and student lines of credit for tuition, books, living costs, and funding gaps, then compare repayment timing, co-signer requirements, and lender fit.

  • Compare student financing options
  • Review interest-only and repayment features
  • Compare before starting an application
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